Global Cloud Storage Services Market Expected to Grow By $73.21Bn In 2024

In the years 2020 to 2024, the market for global cloud storage services will grow to $73.21 billion, according to the latest market research of Technavio.

The research found out that cloud data services of small and medium-sized enterprises contribute a positive impact into the forecast period. With more companies upgrading to cloud storage solutions, market drivers are able to generate more revenue.

One of the contributing factors for the SME’s impact on the cloud environment is the significant trends in data storage. With secure and advanced storage solutions, different companies are able to maximize their storage systems. Digitization increases the adoption of cloud storage services as it can interpret and store large volumes of data.

Prominent tech giants offer high-performing storage solutions to enhance businesses’ service capabilities and big data analytics. The IoT and Big Data implementation will be a trend in the coming years.

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Global Cloud Storage Services Market Expected to Grow

Minimizing CAPEX

More companies are focusing to reduce their capital expenditure (CAPEX) and deploying innovative technologies. Because some storage systems come with IT resources, SMEs are slowly adapting to this technology.

A senior analyst at Technavio said, “Rising enterprise mobility and need to improve efficiency, increasing partnerships and collaborations, and emerging advanced storage technologies are some of the other factors expected to boost the cloud storage services market growth during the forecast period.”

With the help of cloud storage systems, different companies can deploy and build web, desktop, and mobile apps for tech architecture. This kind of technology enables the deployment of applications without provisioning hosting capabilities of storage. Over time, the cloud storage system increases saving in buying, upgrading, and managing existing hardware and software.

Currently, the market for cloud storage was led by North America, followed by APAC, Europe and South America. The growth of the technology can be attributed to the number of businesses in the countries and the need for sophisticated data storage system.

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When it comes to by end-user industry, BFSI dominates the market for cloud storage, followed by retail, IT and telecom, healthcare, media and entertainment, and other end-user industries. In addition, the storage system on the rise is direct-attached storage (DAS), network-attached storage (NAS), and storage area network (SAN).

Technavio conducts research and analysis focused on emerging market trends. The company identifies market opportunities and develop effective strategies.

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